RA says: SoundCloud on sale for $1 billion-plus

Music streaming giant SoundCloud is up for sale, Sky News reports. The deal is currently being handled by US merchant bank The Raine Group and Singaporean state investment fund Temasek Holdings, which both invested in SoundCloud in 2017. According to Sky News, the two companies have started interviewing investment banks about a prospective sale later this year. SoundCloud is expected to fetch in excess of $1 billion. News of the sale speaks to a turnaround in SoundCloud's fortunes in recent years. Before $170 million arrived in 2017, the company was facing huge debts and an uncertain future. But while the finances are more stable now under latest CEO Eliah Seton, there have still been staff lay-offs—20 percent in August 2022, followed by another eight percent in May 2023. Since launching in Berlin in 2007, SoundCloud has hosted 320 million tracks from more than 40 million artists. Resident Advisor has approached SoundCloud for comment. We'll report more on this story as it unfolds.